EL Development submits sole bid for Marina Gardens Lane GLS site at $1,243 psf ppr

The Government Land Sales (GLS) tender for a residential site with ground-floor commercial space at Marina Gardens Lane closed on Oct 15. EL Development was the sole bidder, offering $450.1 million, or $1,243 psf per plot ratio (ppr).

That fell well short of analysts’ expectations of three to six bids and a top bid of between $1,350 and $1,650 psf ppr.

“Most GLS sold recently have fetched very high pricing,” says Lim Yew Soon, managing director of EL Development. “Hopefully, with our land price for Marina Gardens Lane site, if awarded, we can create a compelling reason for purchasers to consider residing in this area despite the fact that it is not in the traditional heartland areas.”

Lim adds that residents could also be drawn by the views from some units, the site’s proximity to Gardens by the Bay and Marina South MRT Station on the Thomson-East Coast Line, and upcoming developments in the area.

 

 

The tender conditions require the developer to set aside commercial space of no more than 150 sq m (1,615 sq ft) on the 1st storey for future residents. Once the development is complete, the MCST will take over and manage the space.

Mark Yip, CEO of Huttons Asia, notes that the "subdued participation" reflects a recurring trend for GLS sites in the CBD.

Meanwhile, Mohan Sandrasegeran, head of research and data analytics at SRI, attributes the response to the increase in residential GLS land supply, which has "provided developers with a wider range of land acquisition opportunities across different locations and market segments".

Launched for tender on Aug 13, the 99-year leasehold site is the third to be released in the upcoming Marina South precinct. It spans 64,659 sq ft and has a maximum gross floor area of 362,122 sq ft. It can yield about 390 homes, with commercial space on the first storey.

The site is smaller than the adjacent plot, which a Kingsford Group-led consortium won in July 2023. That tender drew four bids, and Kingsford’s top bid was $1.034 billion, or $1,402 psf ppr.

 

 

The consortium launched the 937-unit One Marina Gardens on that plot in April 2025. It sold 38.5% of units over its first weekend at an average of $2,953 psf. Based on caveats lodged, the project is now about 72% sold at an average of $2,971 psf.

The second site, a white site at Marina Gardens Crescent – directly opposite One Marina Gardens and the current GLS site –  could yield about 775 homes. When its tender closed in January 2024, it drew a sole bid of $770.46 million, or $984 psf ppr, from a joint venture of GuocoLand, Hong Leong Holdings and TID.

However, URA rejected it the following month as “too low”. The land rate was nearly 30% below the $1,402 psf ppr paid for the Kingsford site.

EL Development's bid of $1,243 psf ppr is also 11.3% lower than the Kingsford Group-led consortium's bid.

Despite this, Huttons’ Yip notes that EL Development’s bid is 26.3% higher than the $984 psf ppr offer for the Marina Gardens Crescent site, and expects the latest site to be awarded.

 

 

Marcus Chu, CEO of ERA Singapore, notes that One Marina Gardens is the condo within 500m of the latest site, which is the only District 1 plot on the confirmed list for the 2H2026 GLS programme.

Given the limited supply of new homes in the area, he expects the upcoming project to appeal to owner-occupiers seeking a home near the CBD, as well as investors looking to tap rental demand from expatriate professionals.

SRI's Sandrasegeran adds that the sales performance at One Marina Gardens provides an "encouraging indication" of buyer demand in the emerging Marina South precinct.

"If awarded the Marina Gardens Lane site, the submitted land rate of approximately $1,243 psf ppr could provide EL Development with some flexibility in positioning its eventual residential development within the Marina South precinct," he says.

Against this backdrop, Sandrasegeran estimates that the future development could launch at prices averaging between $2,500 psf to $2,600 psf.

Wong Siew Ying, PropNex head of research and content, says the site “has clear strengths”. It is close to the central business district, Marina Bay Financial Centre and Marina Bay Sands, with Gardens by the Bay across the road.

Even so, she says a couple of factors may have weighed on developers. The Marina South precinct is still taking shape. Its MRT station (Marina South) has been built but will not open until the surrounding area is further developed.

More supply is also on the way. The nearby Marina Gardens Crescent site, which can yield about 775 homes, is on the Reserve List. Under URA’s Master Plan 2025, the precinct is slated to deliver more than 10,000 private and public homes over the long term.

“As the precinct is built out and amenities come on stream, we expect developer interest to firm up,” says Wong.

The location may not appeal to local buyers, as there is no primary school within 1km, says Tricia Song, CBRE head of research for Singapore and Southeast Asia. Foreign buyers, meanwhile, face a 60% additional buyer’s stamp duty (ABSD).

“It is also in a relatively new location with limited amenities and a limited pool of upgrader buyers,” she says.

 

 

 

If the site is awarded at EL Development’s top bid of $1,243 psf ppr, Song expects the developer could launch the project at an average of $2,850 to $2,950 psf.

That would put it just below One Marina Gardens, the nearest comparable. Based on CBRE’s analysis of caveats lodged, the 937-unit project is now 72% sold, with a median transacted price of $3,009 psf so far this year.

Nearby, W Residences Marina View, the branded residence on the Marina View white site, has sold 15 units since its July 2025 launch, with a median of $2,660 psf, notes CBRE.

Older 99-year leasehold condos in the Marina Bay and Shenton Way area have changed hands at median prices of $1,829 psf to $2,480 psf, Song observes. They range from The Sail @ Marina Bay, completed in 2008, to Marina One Residences and V on Shenton, both completed in 2017.